Tax Update (2019 Filing Season).docx - How often must the...

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How often must the dollar limit test be conducted to determine if the business interest limitationrules apply to a business?Question 1 of 30.A taxpayer who receives taxable alimony will enter the amount on:Form 1040, line 11.Schedule 1, line 11.Schedule 1, line 31a.No longer needs to include taxable alimony on the tax return.
Mark for follow upQuestion 2 of 30.The biggest change to Form 1040 is:Mark for follow up
Question 3 of 30.The refundable credit amounts that are entered directly on Form 1040 include all of the following except:
Question 4 of 30.What amount will taxpayers be able to claim for each personal and dependent exemption on their 2018 federal taxreturn?Mark for follow up
Question 5 of 30.
By factoring inflation into tax rates and other basic tax provisions each year, taxpayers are protected from losing thevalue of various benefits. Beginning in Tax Year 2018, the IRS will use which of the following indexes to measureinflation?The consumer price index for urban wage earners.The producer price index.The chained consumer price index for all urban consumers.The employment cost index.
Mark for follow upQuestion 6 of 30.For 2018, the Child Tax Credit will be worth up to ______ per qualifying child.
Question 7 of 30.For 2018, the Child Tax Credit and Additional Child Tax Credit have been increased to what amounts respectively?
Mark for follow upQuestion 8 of 30.Connie comes in to file her 2018 tax return. She is from Canada and files using an ITIN. Connie has four dependents.Mark, age 16, was born in the U.S. and has an SSN valid for employment and issued before the due date of the taxreturn. Elijah, age 14, was born in Canada but lives in the U.S. with Connie. He has an ITIN. Connie also has twins,William and Wilma, age 4, born in the U.S., and both have SSNs valid for employment and issued before the duedate of the tax return. Which of the children is eligible for the credit for other dependents?
Question 9 of 30.Which of these deductions is still allowed for 2018?Tax return preparation costs.Gambling losses.Safety box rental.Hobby expenses.Mark for follow up
Question 10 of 30.What are the limits for home mortgage interest deductions for loans taken out after December 15, 2017, with nowritten contract prior to that date?

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Taxation in the United States

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